ON Holdings Is Not A Green Dot Stock
Jul 1, 2024
There has been a major boom in running that started with the COVID pandemic and continues to this day, with all-time high levels of interest in several major marathons. ON has taken advantage, building its athletic footwear and clothing brand on the back of this boom, much like Hoka (who I reviewed with Deckers last year). Ultimately my opinion is the same with ON. Investments built on likely fads - even if they last years - are not sustainable investments. ON has no moat and competes against major players like Nike, Adidas, New Balance, Under Armour, ASICs, Brooks, Hoka, and many more. No recurring revenues, no moat, possible fad-driven growth... this one is a pass.
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